The Australian Transaction Reports and Analysis Centre (AUSTRAC) has reported that in 2015-16, around $1 billion in funds related to property and real estate were transferred between China and Australia.
Typically, AUSTRAC is notified of these matters via suspicious matter reports (SMRs) which are submitted by banks, money remitters and other financial institutions.
Suspicion may be warranted – and a report sent to AUSTRAC – in a number of circumstances including if a bank or institution thinks a person is not who they claim to be, the information given relates to evading tax law or aiding criminal activity, or there is a chance of money laundering or terrorist funding.
John Moss, AUSTRAC’s national manager of intelligence, told Australian Broker
that these SMRs indicate a total of $3.36 billion of funds was sent between China and Australia in the stated time period.
“AUSTRAC data shows that the overall total amount of fund flows between Australia and China during 2015-16 was $76.7 billion,” Moss said.
The agency was constantly vigilant to identify increases in the number of suspicious transactions from a number of countries, including China, he added.
“We’re confident that the agency’s approach with our Chinese counterparts through a recently signed Memorandum of Understanding, as well as close collaboration with Australian law enforcement and other partner agencies – such as the ATO, ACIC and FIRB – is providing an effective response to protect the Australian community from such financial crime.”
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